THE FREEZING INDUSTRY

Poverty Bay Herald, Volume LXI, Issue 18583, 18 December 1934, Page 5

THE FREEZING INDUSTRY

CANTERBURY CO.’S YEAR SUCCESSFUL OPERATIONS (Per Press Association.) CHRISTCHURCH, this day. The annual mooting of the Canterbury Frozen Meat and Dairy Produce Export Company was held yesterday, Mr. John Deans, chairman of directors, presiding. In terms of the directors’ recommendation, a dividend of f> per cent on preference shares and 7 per cent on ordinary shares was approved. Tho report of the directors showed a profit for the year of £47,714 Gs (id. ‘ ‘ We arc very pleased to be able to place before you such a satisfactory balance-sheet,” said the chairman. “This is largely due to belated returns from last year’s operations, and we cannot look forward to the same assistance for the current year.” Market prospects, lie added, were not nearly so favorable as at this time last year. Tho Government had recently, by special Act, taken very extensive .powers over the conduct of the meat industry. These powers, if exercised with discretion .and with due regard to all aspects of the problems which might arise, would probably be of benefit to the meat, business as a whole. The directors had every confidence that tho powers would be so used.

Tbe following resolution was carried: “That it be a recommendation to the incoming directorate to place before the company’s next annual meeting a proposal to vote to preference shareholders such -bonus as will restore to them all the reductions in their dividends teaused by the National Expenditure Adjustment Act.” The chairman said the directors viewed the proposal with sympathy’and the money was there to carry it out.